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Steph3412
February 17, 2023
Question

What is the best way to set up the payment of and the collection of FET in my chart of accounts

  • February 17, 2023
  • 1 reply
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I purchase truck tires from vendors and I get charged Federal Excise Tax (FET) for each tire purchased. I then resell the tires to consumers and charge them, pass on, the same FET, no profit .  What is the best way to set up the payment of and the collection of FET in my chart of accounts?

1 reply

Rustler
Rustler
February 17, 2023

Technically, if you are stocking the tires for later resale, then the FET is part of the tire cost.

But you can also, create an FET income and expense accounts, and post to them.

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